Cyber crime
ECB presents ‘red team’ guidelines for simulated cyber attacks
Test will mimic the techniques of real hackers to better understand banks’ cyber defences
Bahamas central bank upgrades IT to defend against cyber risk
Central bank updates security and threat management systems and introduces a new “bring your own device programme”
No funds taken in cyber breach, Bank of Mexico says
Central bank reveals three participants of interbank payment network experienced “incidents” within internal systems; banks asked to implement “additional controls”
FCA’s McTeague examines cyber risks in open banking
Regulator expects firms to maintain high standards of security despite “potentially uncomfortable” transition period
Bank Negara Malaysia ‘foils’ cyber heist
Central bank assures public no funds were lost during incident involving falsified Swift messages
Bank of Canada building systems back-up outside Ottawa – annual report
Cyber risk is becoming “a top priority”, Poloz says
European cyber resilience board holds first meeting
ECB’s Cœuré will chair board consisting of major financial infrastructure companies
Bank of Russia upgrades interbank loan system
The central bank publishes a clutch of documents on financial technology; says hackers stole $6 million via Swift in a “common scheme”
Co-operation key to cyber defence success, says Sarb deputy
Groepe says institutions need to ensure fintech interconnectivity does not cause system failure; new players should be held to the same security standards
Risk management services provider of the year: Openlink
Openlink’s central bank and state agency client base continues to grow, with the addition of a number of new clients, including Queensland Treasury Corporation
Reforms helped oil states weather shock – Kuwaiti governor
Governor says banks may not have fared so well without regulatory reforms; he says operational risks rules may need adjustment in face of cyber attacks
Swift warns of greater cyber threats as security control deadline nears
Customers have until December 31 to implement 16 mandatory controls
DNB publishes hacking guide for cyber security exercises
“Red teams” must simulate attacks on critical functions, guide says
Philippine banks face tougher cyber rules
The Central Bank of the Philippines wants more complex banks to implement a round-the-clock “security operations centre”
G7 governors and ministers set out principles for assessing cyber security
The guidelines build on ‘Fundamental principles of cybersecurity’, published in October
FSB members press ahead with new cyber-risk rules
Over 70% of FSB members say they plan to launch new measures in the next year; private sector emphasises need for better training
‘Red teams’ will test cyber-security of European financial infrastructure
Bundesbank official praises “bug bounty” programmes that pay hackers to uncover vulnerabilities
Kenya’s central bank issues new cyber security guidelines
Banks will have to report breaches within 24 hours with senior management taking on a greater role
International organisations should lead the way for cyber defence – IMF paper
Working paper outlines holes in current cyber regulatory framework and urges firms to adopt reporting system to improve oversight; cyber risks should be addressed on multilateral level
Tensions rise as EU payments deadline nears
Europe’s revised payment services directive is meant to boost innovation, competition and security, but many are concerned it has serious flaws
RBNZ sees no need to impose prescriptive cyber-security rules now
Head of prudential supervision at central bank says it is looking to market discipline to ensure high standards
BoE needs to ‘raise its game’ on cyber threats – BoE’s Habgood
BoE’s Habgood praises institution’s cyber security but says more can be done; new multi-level defence designed to ensure critical bank systems are not breached
PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks
Bank of Lithuania carries out cyber security exercise
Banks passed tests but supervisors will continue to be on alert, bank says